Drawing up a will helps prevent family disputes and secure and distribute your assets fairly. Your will should be reviewed at least every five years to reflect any major changes in your financial and personal circumstances.
When do I need to update my will?
When major life changes occur, it's best to review and update your will or consult an estate lawyer in Cairns. Consider updating your will if:
- You have had a child recently
- Your executor or beneficiary passed away
- You establish a business
- You are in a de facto relationship
- You have gotten divorced
Updating your will after marriage
If you have an existing will and recently have gotten married, you will need to update your will. Failure to update your will could result in having a large part of your estate awarded to your spouse. While this may not be a problem for first-time marriages, you should strongly consider it if you have previously gotten married, have children from the said marriage, or wish to provide for other people or institutions. Alternatively, you can also create a will "in contemplation of your marriage”. This prevents your current will from being invalid upon marriage.
Updating your will after a divorce
Divorce affects your will but varies in each state and territory. For example, some jurisdictions will automatically invalidate your will while others will simply revoke your spouse as your executor. Rather than to leave it up to the court, it's better to have a plan and review your will. If you also wish to keep your former spouse as your executor or beneficiary, you should also update your will with the help of an estate lawyer.
Updating after financial changes
If you buy or sell a property, or experience an increase or decrease in assets, this will need to be updated in your will. If you're not sure how to go about it, consult an estate lawyer who can give you legal advice.
Superannuation isn't automatically included in your will since it is separate from your estate. However, if you do plan on changing any details of your super (such as changing funds or trustees), talking to an estate lawyer will help you review your will and make the appropriate changes.
Let a lawyer help you out.
Updating your will regularly ensures the orderly management of your assets and is just as important as creating one. Remember to update your will every time a major event occurs or, at least, every three years. If you're planning on updating your will, the estate lawyers at Marino Lawyers in Cairns can help you. Our wills and estate lawyers have helped many families in the community and will be ready to listen to your concerns. For enquiries, feel free to call (07) 4081 6700.